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History
- Referred to banks
- Referred to banks
Full text
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Sponsor's memo
BILL NUMBER:S3777
Title of bill
An act to amend the banking law and the penal law, in relation to unauthorized entities, unregistered mortgage brokers and mortgage fraud
Purpose or general idea of bill
the financial frauds and consumer protection unit of the department of financial services shall refer any instances of a person, partnership, association, corporation or other entity which is operating without being chartered, licensed or registered as required under this chapter to the attorney general and to any other federal, state or local agency or entity for appropriate enforcement action
Summary of specific provisions
relates to unauthorized entities, unregistered mortgage brokers and mortgage fraud
Justification
no mortgage banker, mortgage broker or exempt organization shall conduct business with any person, partnership, association, corporation or other entity which it knows or should have known is acting as a mortgage banker or a mortgage broker without being licensed or registered as required by this article. A mortgage banker, mortgage broker or exempt organization shall promptly notify the department of any such unlicensed or unregistered operations
Prior legislative history
New Bill
Fiscal implications
none
Effective date
this act shall take effect on the thirtieth day after it shall have become a law
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.